The Financial Conduct Authority (FCA) has banned former Credit Suisse managing directors Andrew Pearse and Surjan Singh from the UK financial services, after the pair accepted kickbacks for arranging fraudulent loans for the Republic of Mozambique.
In the 2010s, Credit Suisse and Russian bank VTB helped to arrange loans to the Republic of Mozambique, which was intended to be used by three state-owned companies for a large scale tuna fishing project.
The FCA said the loans were “tainted by corruption”.
Pearse accepted over $45m in unlawful kickbacks in connection with the loans, while Singh received $5.7m.
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The move follows US criminal convictions against the pair on conspiracy to commit money laundering charges, which Pearse and Singh both pleaded guilty to in 2019. Pearse also pleaded guilty to wire fraud.
Credit Suisse was fined over £145m by the regulator in 2021 as part of a $475m global settlement for serious financial crime due diligence failings.
The bank also agreed to write off $200m debt owed by Mozambique.
Steve Smart, joint executive director of enforcement and market oversight at the FCA said: “Mr Pearse and Mr Singh were experienced executives at Credit Suisse who admit to having received over US$50m in kickbacks.
“There is no place in our markets for those who engage in bribery and corruption.”